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 & (1) & (2) & (3) \\
VARIABLES & S to W & seasonally adjusted transition (avg across qtr) & WWnew \\ \hline
 &  &  &  \\
Log GDP per capita & -0.034*** & -0.028*** & -0.015 \\
 & (0.009) & (0.004) & (0.012) \\
 &  &  &  \\
Observations & 598 & 598 & 476 \\
R-squared & 0.176 & 0.531 & 0.097 \\
 Sample Average & 0.071 & 0.023 & 0.037 \\ \hline
\multicolumn{4}{c}{ \textit{Table notes:} Standard errors clustered by country. *p$<$.05, **p$<$.01, ***p$<$.001.} \\
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